You can find the 7 altcoin projects of last week’s snow king here. Now, let’s take a look at what’s on the red side. In the continuation of the article, you can find weekly loss rates, historical price movements and technical levels by analyst Valdrin Tahiri. SLP is in the first place with a decrease of 31.07 percent…
- Smooth Love Potion (SLP): -31.07
- TomoChain (TOMO): – 29.90%
- BakeryToken (BAKE): -28.86%
- Dent (DENT): -26.24%
- Telcoin (TEL): -23.74%
- Uniswap (UNI): -22.44%
- Decred (DCR): -19.79%
- Dash (DASH): -17.66%
The first altcoin project of the red chart: Smooth Love Potion (SLP)
SLP has been moving downward since July 13 after reaching $0.41. The drop took the form of a descending wedge, which is generally regarded as an upside reversal pattern. So far, SLP has hit as low as $0.08 on September 7. This also confirmed the $0.08 horizontal area as support, a level not previously reached since May 23. While a potential bullish divergence has developed in the RSI, there are no clear bullish signs yet. If a breakout occurs, the closest resistance lies at $0.20. This target is the 0.382 Fib retracement resistance level. Conversely, a drop below the $0.08 support area could take the SLP to an all-time low.
Altcoins TomoChain (TOMO), second place with 29.90%
cryptocoin.com TOMO gained great momentum on May 19th. It broke out of an ascending parallel channel on July 8 and returned to confirm as support on July 20. Following this, it continued to rise until it reached the ATH level of $3.92 on September 6. However, it fell sharply the next day. Technical indicators are also on the decline. RSI has dropped below 50 and it could complete TOMO’s fourth wave retracement. The bullish structure remains intact as long as the channel does not break below the support line.
BakeryToken (BAKE) 28.86% declined
BAKE has been following an ascending support line since February. It recently touched the line on July 20 and fell back on the line on September 7. While the support line is still intact, the technical indicators are bearish. MACD is almost negative and RSI has dropped below 50.
Altcoins Dent (DENT): -26.24%
DENT has been moving upwards since July 20. It broke out of an ascending parallel channel on August 11 and reached $0.0089 on August 15. It has been moving downwards since then, with the rate of decline accelerating on Sept. That day, DENT dropped as low as $0.0042. Similar to TOMO, DENT has potentially completed its fourth wave retracement.
Telcoin (TEL): -23.74%
On July 24, TEL broke out of a descending resistance line. It hit as high as $0.029 on August 23. However, it later declined and settled below the $0.02 horizontal support area. Until we get this level back, the trend cannot be considered bullish.
Uniswap (UNI): -22.44%
On August 13, UNI broke above the $29 resistance area. After a slight decline, it seemed to have erupted again on September 1. This has created a double top (red circles) which is generally considered a bearish reversal pattern. UNI has been moving downwards since then. It is currently trading just above the 0.5 Fib retracement support level at $22.68. So far, there are no bullish signs in place.
Decred (DCR): -19.79%
DCR has been moving upwards since July 20. In the period from August 17 to September 3, DCR tried to break above the $180 area. However, it failed to do so and broke out of an ascending support line on September 7. The DCR is currently struggling to hold above the 0.5 Fib retracement level of the $138.50 high.
Dash (DASH): -17.66%
On July 19, DASH broke out of a descending resistance line. It continued to rise until it reached $285 on August 23. However, it has since been moving downwards and formed LH on Sept. Technical indicators are on the decline. The RSI has dropped below 50 and the MACD is almost negative. Currently, DASH is trading just above the $190 horizontal support area where it stalls.
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